Gaming Commission: Steve Wynn, Wynn Resorts divorced
Steve Wynn no ‘ordinary citizen,’ but relationship terminated
WYNN RESORTS CLEARED an initial hurdle on Monday in seeking to hang on to its casino license in Massachusetts, securing confirmation from the state Gaming Commission that Steve Wynn no longer plays any role in running the company named after him.
The decision was expected, since Steve Wynn, after allegations of sexual misconduct surfaced against him earlier this year, left the company and sold all of his stock. The ruling doesn’t mean the Wynn Resorts license for its $2.5 billion hotel/casino facility in Everett is secure, however, since the Gaming Commission continues to investigate whether other company officials and directors may have abetted Steve Wynn’s behavior and whether the former CEO’s absence may negatively impact the firm’s future.
The decision noted that Steve Wynn has continued to talk with a number of Wynn Resorts officials, including two to whom he has close ties — Matt Maddox, the current CEO, and Kim Sinatra, the company’s legal counsel. But the commission said those contacts appear to be part of an effort to disentangle Steve Wynn from the company and nothing else.
A footnote was attached to the decision quoting an earlier statement from Maddox in which he said “there is no association with Steve Wynn. There is no business association with Steve Wynn. I’m my own man. And Kim Sinatra is her own woman.”
The term qualifier is what the Gaming Commission uses to refer to individuals at gaming companies who must pass suitability standards in order to hold a position at the company. The mention of the annual shareholders meeting is a reference to the fact that Steve Wynn retains the voting power associated with his shares at the upcoming shareholders meeting because he owned them as of the cutoff date for determining who is eligible to vote; Wynn’s attorney has said his client has no intention of voting his shares at the meeting.